WEX & Electronic Funds Source Deal Cleared

WEX & Electronic Funds Source Deal Cleared

The U.S. Federal Trade Commission has unconditionally cleared the WEX acquisition of Electronic Funds Source. The deal is expected to close at the beginning of the third fiscal quarter, subject to the satisfaction of customary closing conditions. WEX intends to finance the $1.1 billion cash portion of the deal consideration through a combination of a…

U.S. Consumer Credit Hits the Brakes in April

U.S. Consumer Credit Hits the Brakes in April

April consumer revolving credit card debt slowed considerably at an annual rate of +2.1%, compared to a revised +13.3%% in March and a revised +2.9% in February. Overall consumer credit increased at a seasonally adjusted annual rate of +4.5% in April. Non-revolving credit increased at an annual rate of +5.4%. Total revolving credit for April…

Wells Fargo to Lead the Charge in B2P Next Year

Wells Fargo to Lead the Charge in B2P Next Year

Wells Fargo is rolling-out Payment Manager B2P (business-to-person) in early 2017, enabling businesses to pay any consumer who has a U.S. bank account without collecting or storing sensitive bank account information. Wells Fargo & Company’s commercial, corporate, and institutional customers will soon be able to speed up B2P (business-to-person) electronic payments with its new payment…